Latvia: Combine Harvester Market 2024

Combine Harvester Market Size in Latvia

In 2023, after two years of growth, there was decline in the Latvian combine harvester market, when its value decreased by X% to $X. Over the period under review, consumption, however, showed a measured expansion. Combine harvester consumption peaked at $X in 2022, and then fell in the following year.

Combine Harvester Production in Latvia

In value terms, combine harvester production fell markedly to $X in 2023 estimated in export price. Over the period under review, production, however, posted a strong increase. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2023, production failed to regain momentum.

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Combine Harvester Exports

Exports from Latvia

In 2023, the amount of combine harvester-threshers exported from Latvia amounted to X units, standing approx. at the previous year's figure. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, combine harvester exports rose remarkably to $X in 2023. Overall, exports saw a resilient increase. The growth pace was the most rapid in 2022 with an increase of X%. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X units), Lithuania (X units) and Poland (X units) were the main destinations of combine harvester exports from Latvia, together comprising X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for combine harvester-threshers exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Lithuania ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Turkey (X% per year).

Export Prices by Country

The average combine harvester export price stood at $X per unit in 2023, surging by X% against the previous year. In general, the export price continues to indicate a prominent expansion. The growth pace was the most rapid in 2022 an increase of X%. Over the period under review, the average export prices reached the peak figure in 2023 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Kyrgyzstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Combine Harvester Imports

Imports into Latvia

In 2023, purchases abroad of combine harvester-threshers decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at X units in 2022, and then shrank sharply in the following year.

In value terms, combine harvester imports soared to $X in 2023. In general, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked in 2023 and are likely to see steady growth in the near future.

Imports by Country

Germany (X units), Lithuania (X units) and Poland (X units) were the main suppliers of combine harvester imports to Latvia, with a combined X% share of total imports. France, Sweden, the UK, Estonia, Denmark and Finland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Lithuania ($X) and France ($X) constituted the largest combine harvester suppliers to Latvia, with a combined X% share of total imports.

France, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average combine harvester import price stood at $X per unit in 2023, with an increase of X% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, combine harvester import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure in 2023 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Estonia ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by France (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform